Relates to the community bank deposit program; increases the maximum amount of funds on deposit at a community banking institution to thirty million dollars.
Impact
The proposed amendment has several implications for state laws governing banking and financial institutions. By increasing the deposit limit, the bill encourages the utilization of community banks, which can lead to stronger local economic development. This approach may also contribute to a more equitable financial environment by directing state funds to regional banking entities, thus supporting their role in servicing local economies.
Summary
Bill S08406 seeks to amend the banking law concerning the community bank deposit program by increasing the maximum amount of funds that can be deposited at community banking institutions. Specifically, the bill proposes to raise the limit from twenty million dollars to thirty million dollars per institution. This change aims to enhance the capacity of local banks to hold deposits from state funds, thereby potentially boosting their operational capabilities and financial stability within their communities.
Contention
While the bill seems to promote community banking, it may also raise discussions about the prudence of sending state funds into community institutions with lower capital bases compared to larger banks. Critics may argue that increasing the deposit limit could expose state funds to greater risk if those community banks face financial challenges. Thus, there may be a call for heightened scrutiny and risk assessment related to the financial health and operational practices of these institutions before substantial amounts of public funds are insured.
Same As
Relates to the community bank deposit program; increases the maximum amount of funds on deposit at a community banking institution to thirty million dollars.
Relates to the community bank deposit program; increases the maximum amount of funds on deposit at a community banking institution to thirty million dollars.
Relates to minority depository institutions which apply to establish a home or branch office in an unbanked or underbanked community; provides that such institutions shall be entitled to receive deposits from the state comptroller and the commissioner of taxation and finance.
Enacting the Kansas bullion depository act to authorize the state treasurer to establish, administer or contract for the administration of bullion depositories and allowing for state moneys to be deposited in such bullion depositories and invested in specie legal tender.
Authorizes the town of Chester to establish community preservation funds; establishes a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund.
Authorizes the town of Chester to establish community preservation funds; establishes a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund.
Extends the authority for the town of Brookhaven to impose a real estate transfer tax with revenues therefrom to be deposited into a community preservation fund until 2045.
Extends the authority for the town of Brookhaven to impose a real estate transfer tax with revenues therefrom to be deposited into a community preservation fund until 2045.
Provides for multiple-person accounts; requires a signature card; provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.
Provides that every banking institution operating in the state of New York shall offer at least one no-fee basic banking account that charges no monthly maintenance or service fees, requires no minimum balance, charges no fees based on account inactivity, and provides certain essential services including deposits and withdrawals, debit card access, and electronic payments and transfers.